Vitalik Buterin Moves 600 ETH into Coinbase Exchange Wallet
Ethereum (ETH) co-founder Vitalik Buterin was seen transferring 600 ETH worth $1 million into a Coinbase exchange wallet. This significant transaction has prompted on-chain data analysis to examine how it could affect the price of ETH.
- Large crypto investors moving their holdings into an exchange wallet usually indicates a desire to cash out or trade for other tokens.
- Historical data shows that previous outflows by Vitalik Buterin have had a significant impact on the market, with Ethereum’s price declining by 13% after a major outflow in April.
- A similar pattern was observed in 2021 when Vitalik moved a substantial amount of ETH, coinciding with Ethereum losing its all-time high.
Crypto Traders Yet to React to Vitalik’s Outflow
Despite Vitalik’s recent transaction, Ethereum traders have not made significant reactionary moves. The current balance of ETH trading orders indicates that bulls still dominate the market.
- The number of ETH buy orders significantly surpasses the number of sell orders, indicating steady market demand.
- Strategic investors will be closely monitoring Vitalik’s addresses and Ethereum Foundation wallets for further notable transactions.
ETH Price Prediction: Slow Recovery to $1,800
The price of Ethereum could gradually recover to $1,800 following Vitalik’s outflow, as market fear, uncertainty, and doubt (FUD) subsides.
- Data on the price distribution of current holders suggests a mildly-positive prediction, with initial resistance at $1,720.
- If bullish momentum grows, strategic traders may increase their bids, pushing the ETH price towards $1,800.
- However, if Vitalik continues to make outflows, the price could drop below $1,600 and potentially slide towards $1,500.
Hot Take:
Vitalik Buterin’s recent transfer of 600 ETH into a Coinbase exchange wallet has sparked interest and speculation among crypto traders. Historical data suggests that his movements have had a significant impact on Ethereum’s price in the past. However, at present, traders have not reacted significantly to this transaction. The market still leans towards bullish sentiment, with steady demand for ETH. The price of Ethereum may slowly recover to $1,800, but it could face resistance at $1,720. The future direction of the price will likely be influenced by any further notable transactions from Vitalik and the overall sentiment in the market.
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